Olainfarm to Strengthen Belarus Operations

Olaine, 2018-02-13 09:00 CET (GLOBE NEWSWIRE) -- “Since acquisition of daughter companies we are putting a lot of effort to integrate them and use as many synergies as we can. In NPK Biotest, we have created a certified production platform, which will help us use the advantages provided to local producers in Belarus.  Other European producers also expressed their interest in using services of NPK Biotest for packing of their products.

We also very highly value a long and successful experience that NPK Biotest has in cooperating with pharmacies and other retailers of Belarus, therefore we entrusted them with distributing products of Tonus Elast.  We expect that potential of NPK Biotest will contribute to increasing sales of Tonus Elast in Belarus”, says Olegs Grigorjevs, Chairman of the Board of AS Olainfarm.

AS Olainfarm acquired Belarus based producer of medical herbal infusions in 2016 in order not only to gain the production platform in Belarus, but also to add new products to the portfolio of the group.  NPK Biotest is one of the first private pharmaceutical companies in Belarus.  It was establishes in 1990 in Hrodna by the team of scientists of Belarus Academy of Sciences.  NPK Biotest develops and produces natural herbal remedies and food supplements.  Its portfolio contains more than 100 herbal infusions, and mixtures. NPK Biotest also owns four pharmacies in Hrodna.

According to preliminary unconsolidated results, sales of AS Olainfarm in 2017 was 91.97 million euros, which is comparable to the sales made in 2016.  Its sales in Belarus reached 8.76 million euros, making Belarus the fourth biggest market with a share of almost 10% in total sales. Sales to Belarus in 2017 increased by 20% compared to sales made to this country in 2016.  According to preliminary results, Sales of NPK Biotest in 2017 reached 2 million euros.

 JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

         Information prepared by:
         
         Salvis Lapins
         JSC Olainfarm
         Member of the Management Board
         Rupnicu iela 5, Olaine, Latvia, LV 2114
         Phone: +371 6 7013 717
         Fax: +371 6 7013 777
         E-mail: Salvis.Lapins@olainfarm.lv